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The latest market action report was issued this past week for September 2018.  As I have been posting here for the last few months, there has been a slowdown or lull, if you will, in our Portland metro real estate markets.  Sometimes this is typical for this time of year yet it seems there are other forces in place this time around. In addition, I have repeatedly said, as long as inventory remains low, housing prices will continue to appreciate.

SEPTEMBER 2018 RMLS MARKET ACTION REPORT

All that has changed in a mere few months. The months’ inventory has increased, days on the market to sell are longer, we are seeing more price reductions and interest rates have climbed.  All this has impacted our market.  In addition, we are seeing fewer people moving to Oregon. There is also buyer reluctance in play.

September Residential Highlights

Cooler numbers came to the Portland metro area this September.

New Listings

New listings (3,606) fell 1.0% short of the 3,644 new listings offered last year in September 2017 and 14.4% short of the 4,214 new listings offered last month in August 2018.bettyjung.com

Pending Sales

Similarly, pending sales (2,471) decreased 9.5% from September 2017 (2,730) and 10.5% from August 2018 (2,760).

Closed Sales

There were 2,272 closings in September, a 14.6% decrease from September 2017 (2,660) and a 23.4% decrease from August 2018 when 2,967 closings were recorded.

Inventory

September saw inventory rise to 3.1 months, with total market time rising by five days to 45 days.

There were 7,082 active residential listings on the market in the Portland metro area in September.

We haven’t hit 3.1 months of inventory since April 2013. An old rule of thumb was 5-6 months of inventory to be a “normal” market, however, recent market changes since the recession seem to indicate that 4 months of inventory seems to be a more balanced (or accurate) level of homes for sale and to now label it as a normal real estate market. In any case, the number of house for sale is increasing and there is more competition for your house if it is for sale. Buyers are now seeing more homes to choose from.  As this level continues to increase, multiple offers will most likely not be as much a part of our market as it has been.

Year to Date Summary

Activity so far in 2018 is mixed compared to 2017. New listings (34,440) are up 2.6%. Pending sales (24,161) are down 2.8% and closed sales (22,983) are down 3.5% for the year so far.

Average and Median Sale Prices

Comparing 2018 to 2017 through September of each year, the average sale price rose 5.8% from $428,800 to $453,800. In the same comparison, the median sale price rose 5.3% from $379,900 to $400,000.  Prices are leveling off and not increasing at such a quick pace.

Pricing

If your home has been on the market since Spring or even since Summer, it is definitely time to review your pricing.  If you had an “anything goes price” on your home, you most likely should be questioning what price you should reduce your home to if you want it sold.  In fact, a new price should have been on your radar long before today.

Buyers are holding back making offers based on having looked at many homes and comparing them to yours.  They are knowledgeable as to what a home is worth in today’s changing real estate market and it is important your home is priced to sell from the very beginning. In addition, increased interest rates are causing them to review their purchasing power.

Lake Oswego Real Estate

The Lake Oswego/West Linn real estate market currently has 3.6 months of inventory.  Inventory has increased since last month and we are heading to a more balanced market (favoring both buyers and sellers).

Past real estate experience has taught me we won’t linger in that “balanced” market mode for long.  Once we reach a balanced market, it will most likely quickly shift to a buyer’s market. We are not at a buyer’s market yet.  But as inventory increases, if interest rates climb, and the Winter real estate market takes hold, we could very likely be looking at a buyer’s market towards the end of this year.

There is never a “perfect” time to buy.  Either prices go up, or interest rates go up.  Whether you are renting or buying, there is a mortgage to be paid.  You are either paying off your landlord’s mortgage and helping him get rich, or you are purchasing and increasing your equity and/or financial pocket.

The only time I have ever seen a perfect market was during this last recession, when both prices and rates were low. If you purchased during those years, your equity has grown. If you are “waiting” you may be waiting a long time again, if ever, to see that perfect storm.

Thinking of Selling Your Lake Oswego Home?

Now may be the best time to sell your home.  Don’t know how much equity you really have or what a price would be to sell your home?  I can help! Give me  a call. Your home may be worth more than you think. 503-804-9685.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent.

I have worked in Lake Oswego as a Real Estate Broker since 1978, have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is still strong here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright law.

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Our latest report was published this afternoon for August 2018. Here are our most recent stats.

The Portland metro area saw more mixed activity in August, but new listings were up compared with August 2017. At 4,214 new listings outpaced August 2017 (4,048) by 4.1%, despite cooling 2.3% from the 4,312 new listings offered last month in July 2018.

Closed sales (2,967) increased 8.4% from last month in July 2018 (2,736) but ended 2.2% under the 3,034 closings recorded last year in August 2017.

Pending sales, at 2,760, were 10.2% cooler than August 2017 (3,072) and 10.1% cooler than July 2018 (3,071).

Inventory decreased slightly to 2.3 months in August. Total market time increased to 40 days in the same period.bettyjung.com

There were 6,929 active residential listings on the market in the Portland metro region this August.

Year to Date Summary
Activity so far in 2018 is mixed compared to 2017. New listings (30,721) are up 2.9%. Closed sales (20,572) are down 2.0% and pending sales (21,836) are down 2.1%.

Average and Median Sale Prices
Comparing 2018 to 2017 through August of each year, the average sale price rose 5.9% from $429,000 to $454,500. In the same comparison, the median sale price rose 5.6% from $379,900 to $401,000.

Summary: I have been noticing a lot more houses coming on the market, especially in Lake Oswego lately.  It is still a sellers’ real estate market and will be until we see inventory levels reach above 5 months worth of houses for sale.  Also, prices will continue to increase due to the still low inventory of houses to sell.  Rates are still historically low.  However, we are still seeing the slow-down of buyers.

I have written posts here on my blog, at my Facebook blog and in my Jung’s Journal, my real estate newsletter, as to the possible reasons for the slow-down.  The number of sales has slowed and the real estate market is not as frantic as it had been.

Buyers aren’t always in a multiple offer situation now, although they still exist, and there are now more homes for sale.  Still an excellent time for sellers to sell as well as their equity continues to increase.

Lake Oswego still has 3.2 months of inventory, the same as last month.  I have seen lots of listings come on the market in Lake Oswego this September, so when the October report is published with the September stats, I won’t be surprised if the inventory in Lake Oswego has increased.

Thinking of Selling Your Lake Oswego Home?

Prices are still increasing in Lake Oswego. Interest rates are also increasing but are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright law.

In an effort to see if in fact there has been a slowdown, as many of us have been reporting, I checked stats for sold listings over the last six months for Lake Oswego zip codes 97034 and 97035.

Sold Stats Last Six Months – Lake Oswego

# of Sold Listings In Lake Oswego

According to RMLS™ stats, sales in Lake Oswego dropped last month by over 50% from the previous month and have been consistently decreasing since February 2018.bettyjung.com

Sold Prices In Lake Oswego

The final sold prices of homes, however, is a different matter.  Lake Oswego prices continue to increase even while inventory increases as well.  Typically, when inventory increases, prices drop, however that has not been the case according to the stats for the last 6 months.  In fact, prices have been somewhat erratic.

Inventory in Lake Oswego

Lake Oswego currently has 3.2 months of inventory.  Some have argued that 3 months’ inventory is approaching a normal real estate market while the National Association of REALTORS® says 5-6 months is considered a normal market, favoring both buyers and sellers.

Sold Stats For Lake Oswego (Stats are for single family homes only in 97034 and 97035 all stats from RMLS™)

  • July 2018 = 75 houses sold = average sold price $941,400
  • June 2018 = 153 houses sold = average sold price $894,311
  • May 2018 = 261 houses sold = average sold price $922,314
  • April 2018  = 322 houses sold = average sold price $900,108
  • March 2018 = 385 houses sold = average sold price $879,346
  • February 2018 = 438 houses sold = average sold price $884,779

You can see from the above that for the last 6 months, the number of sales in fact have decreased significantly in the Lake Oswego real estate market. If we continue to have an increase in inventory, we will most likely be close to a buyers’ real estate market here in Lake Oswego soon.  We are not there yet, however. Typically there is a slow-down going into Fall, but we are still in the peak Summer buying season.

Also, different dates trigger a rush to buy such as before the school year – which we are currently in but as you can see up to July 31, there was no “rush” as the total number of sales dropped by 50%. The next big rush will be the holidays. Although, we have yet to see if that will play out this year.

Reasons for the Slow Down

I have read lots of posts/news reports, etc. as to the reasons for the slow down such as increased interest rates, buyer fatigue, lack of inventory, boomers not downsizing, millennials still living with parents, fewer people moving to our area, etc.  While I am not an economist nor do I have that crystal ball, I can’t pinpoint any one specific reason and would most likely say “all of the above”.

If you are interested in what is happening in your neck of the woods, please let me know and I can run the stats for your neighborhood as well.

Thinking of Selling Your Lake Oswego Home?

Prices are still increasing in Lake Oswego. Interest rates are also increasing but are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

 

Our latest stats were published by RMLS™ today.  Inventory has increased and the market is slowing

What we are seeing are contingency offers being accepted by sellers, some areas seeing longer days on the market, not as many multiple offers (although this is still occurring in some areas and in certain price ranges), not selling at full price and sellers much more willing to do repairs. The total number of pending and sold properties are down and have slowed.

When the market was “hotter” and sellers had received multiple offers, sellers were in a better position to stand firm in their desire to do absolutely no repairs.  My last 2 sales had sellers adamant they were not going to do any repairs, causing my buyers to decide whether it was worth it to them to move forward.  In one case it was not, and in another case it was.

The number of listings increased this month which means buyers have more inventory to choose from and although we are still in a sellers’ market, we are edging towards a more normal real estate market. As long as we still have low inventory, prices will continue to increase.  However, as we move into Fall, or as inventory increases, prices will start getting reduced.  A good buyers market seems to be heading our way.

There is a lot of talk about a crash or a bubble bursting.  I don’t think this will happen.  We have been in an extremely increasing market now for 10 years, and I just think prices are leveling off, which is a good thing for buyers.  Prices are still increasing just not at as fast a rate.  Sellers are still seeing an increase in their equity and many sellers have now recovered, and then some, from the recession.

July 2018 RMLS™ Market Update

July Residential Highlights

Pending Sales

Pending sales saw gains this July in the Portland metro area. At 3,071, pending sales outpaced July 2017 (3,040) by 1.0% and June 2018 (3,059) by 0.4%.

New Listingsrmlsweb.com/bettyjung.com

New listings, at 4,312, outpaced July 2017 (4,202) by 2.6%, but cooled 4.5% when compared with June 2018, when 4,515 new listings were  offered.

Closed Sales

Closed sales (2,736) cooled 2.0% from July 2017 (2,793) and 7.1% from June 2018 (2,946).

Days On The Market

Total market time decreased by one day in July, ending at 36 days.

Inventory of Houses For Sale

During the same period, inventory increased slightly to 2.4 months. July saw 6,549 active residential listings on the market. The closest we had to 2.4 months of inventory was in September 2017 when we had 2.6 months.

Year To Date Summary

Activity so far in 2018 is mixed compared to 2017. New listings (26,455) are up 2.8%. Pending sales (19,221) are down 0.9% and closed sales (17,445) are down 2.0%.

Average and Median Sale Prices

Comparing 2018 to 2017 through July of each year, the average sale price rose 6.0% from $428,000 to
$453,600. In the same comparison, the median sale price rose 5.8% from $378,000 to $400,000.

Lake Oswego Stats

This month Lake Oswego/West Linn’s inventory also increased.  Last month Lake Oswego/West Linn had 2.3 months of available houses for sale, and this month it edged up to 3.2 months of houses for sale.  In addition, sales have dropped in area 147 as well (Lake Oswego/West Linn).  Last month there were 178 sales in all of Lake Oswego/West Linn and this month that volume dropped to 153 sales.

Again, there isn’t a lot to be alarmed about as we are heading into Fall and typically the real estate market slows down, although it seems it started slowing down somewhat earlier this year.  As always, it is easier to look backward than forwards.  Will this continue or not?

Thinking of Selling Your Lake Oswego Home?

Prices are still increasing in Lake Oswego. Interest rates are also increasing but are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

Today our RMLS™ released the most recent market action update.  This report is important as the report represents June stats – and we are at end of 6 month market activity.

Most of us here in the Portland metro area have noticed a slow-down.  I am writing more in detail about that in my Jung’s Journal – my real estate newsletter this month.  If you don’t receive my Jung’s Journal,  please send me your email and I will be happy to share what I write to my clients about our real estate activity in the Portland metro areas.

June Residential Highlightshttps://lakeoswegorealestateblog.wordpress.com/

The Portland metro area saw some cooler activity this June, but closed sales saw a gain over last month.

Closed Sales

At 2,946, closed sales slipped 7.6% below the 3,187 closings recorded last year in June 2017, but outpaced May 2018 (2,803) by 5.1%. Even so, June closings were last lower in 2014, when 2,617 were
recorded for the month.

New Listings

New listings, at 4,515, ended 4.7% cooler than in June 2017 (4,739) and 3.2% cooler than last month in May 2018 (4,665).

Pending Sales

Pending sales fared similarly. There were 3,059 offers accepted, falling 6.0% below the 3,254 offers accepted last year in June 2017 and 4.4% below the 3,201 offers accepted last month in May 2018.

Inventory

Inventory rose to 2.1 months in  June, with total market time holding steady at 37 days.

Year to Date Summary Activityhttps://lakeoswegorealestateblog.wordpress.com/

So far in 2018 is a little mixed compared to 2017. New listings (22,079) are up 2.7%. Pending sales (16,297) are down 1.7% and closed sales (14,546) are down 2.2%.

Average and Median Sale Prices

Comparing 2018 to 2017 through June of each year, the average sale price rose 6.2% from $427,000 to
$453,400. In the same comparison, the median sale price rose 6.7% from $375,000 to $400,000.

Lake Oswego Stats

Lake Oswego has 2.6 months of inventory and prices YTD increased by 8.8%.

Thinking of Selling Your Lake Oswego Home?

Prices are still increasing in Lake Oswego. Interest rates are also increasing but are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

I was anxiously awaiting our latest RMLS™ Market Action report for May.  Many of the Facebook real estate groups I am in are indicating there has been a slow down. Please note these stats are for the month of May and are 30 days behind the market and does not show what is actually happening today in our Portland metro areal estate markets.

Further, many folks think from April to June is a busy real estate time, when in reality, people start going on vacations, there are graduations, weddings, and people filing their income tax returns and waiting for their tax refunds, if they are fortunate to get one lol.

The increase of listings for sale, will slow the market. There are more and more properties coming on the market for sale, especially in Lake Oswego.

However, I am still seeing multiple offer situations, especially those where I have written offers.

Where I am seeing multiple offers is in the multi family and fixer type of properties. Also houses under $400,000. I have been in two multi offer situations on multi family properties where there were 4 offers on each. In 2 fixer uppers where there were 11-15 offers (and one sold over $100,000 over asking just recently) and where I wrote that offer on a single family home under $400,000, it had 5 offers and another single family home that had 8 offers.

Investors are out there and Portland has a lot of cash. I also am seeing sellers asking ridiculous prices, way over what the neighborhoods will bear, and they are just sitting on the market. In recent open houses I have had at least 15-20 buyers through each time – buyers are out there. However, I think they are tired of seeing escalating home prices and not wanting to pay those higher prices.

RMLS™ Market Action Report May 2018

As inventory levels increase, prices will not escalate as dramatically as we have seen. If those levels continue to increase, and again we are 30 days behind in current market activity, prices will begin to level off.

May Residential Highlights

New Listings

New listings made some gains this May in the Portland metro area. At 4,665, new listings outpaced May 2017 (4,388) by 6.3% and rose 16.9% from last month in April 2018 (3,990). This was the strongest May for new listings since 2008, when 5,182 were offered in the month.https://lakeoswegorealestateblog.wordpress.com/

Closed Sales

Closed sales (2,803) fell 3.2% short of the 2,896 closings recorded last year in May 2017 but showed a11.1% increase from last month in April 2018 (2,523).

Pending Sales

Pending sales (3,201) fared similarly, decreasing 6.8% from May 2017 (3,435) but rising 6.4% from April 2018 (3,008).

Inventory of Houses For Sale

Inventory in the Portland metro area remained unchanged in May.

Days on The Market For Sale

During the same time, total market time decreased by five days to end at 37 days.

Year to Date Summary

Activity so far in 2018 is a little mixed compared to 2017. New listings (17,506) are up 4.9%. Closed sales (11,492) are down 0.2%, and pending sales (13,360) are down 0.8%.

Average and Median Sale Prices

https://lakeoswegorealestateblog.wordpress.com/Comparing 2018 to 2017 through May of each year, the average sale price rose 5.9% from $423,800 to $448,600. In the same comparison, the median sale price rose 8.0 from $370,000 to $399,500.

SUMMARY
We are still in a sellers’ market and will remain in one until our inventory of houses reaches at least 5-6 months. In spite of a lull right now, as soon as we get closer to the start of school, there will once again be a frenzy to purchase. However, the number of active listings have increased, and the number of pending sales (current market activity) has decreased.

There are some that are saying we will have a recession in 2020. I don’t rely heavily on that type of information, as no one has a crystal ball and many predictions have been wrong in the past. My concern however, is that Portland is no longer a “top destination” for move-ins.  We were at #1 for a long time and I have seen some reports that we are in the top 3 and others saying we are now #18. I do know that people moving into our state has also slowed down.

Lake Oswego Real Estate Market

For the month of May 2018, there were 522 active property listings for sale, compared to 2017 at this time when we had only 382.There were also 175 sales in this May vs. 161 in May 2017. In addition, prices have escalated YTD in May 2018 by 7.5% in the Lake Oswego/West Linn real estate markets, compared to 9.1% in 2017. There currently is 2.9 months of houses for sale in Lake Oswego/West Linn. In 2017 in May, there was 2.3 months of inventory available.  I am noticing the number of houses coming on the market in Lake Oswego/West Linn increase since last month.

I have stated many times here that our market has not been as “hot” as it was last year or 2 years ago.There has been a gradual slow-down all along. Our RMLS™, combines stats for Lake Oswego/West Linn.

Thinking of Selling Your Lake Oswego Home?

Prices are still increasing in Lake Oswego. Interest rates are also increasing but are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

SEARCH FOR REAL ESTATE

There are links above to search for real estate. I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

Once again we edged up only slightly in inventory.Certainly not enough to meet buyer demand in this Spring real estate market, yet alone as we enter our busiest buying season going into Summer.

Lake Oswego Real Estate April 2018 RMLS™ Market Action Report

April Residential Highlights

Closed Sales

Closed sales saw an upswing this April in the Portland metro area real estate market. There were 2,523 closings, a 13.7% increase over April 2017 (2,219) and a 6.4% increase over last month in March 2018 (2,371).

New Listings

New listings (3,990) saw gains as well, outpacing April 2017 (3,759) by 6.1% and March 2018 (3,648) by 9.4%.

Pending Sales

Pending sales, at 3,008 in April, fell 2.6% short of the 3,088 offers accepted last year in April 2017 but edged 3.9% over the 2,894 offers accepted last month in March 2018.

Inventorybettyjung.com

Inventory increased by a fraction of a month in the Portland metro area in April, ending at 1.8 months. During the same time, total market time decreased to 42 days. There were 4,469 active residential listings in the Portland metro area this April.

Average and Median Sale Pricesbettyjung.com

Comparing the average price of homes sold in the twelve months ending April 30th of this year ($436,800) with the average price of homes in the twelve months ending April 2017 ($406,400) shows an increase of 7.5%. In the same comparison, the median has increased 9.1% from $355,300 to$387,500.

Lake Oswego Real Estate Market

Lake Oswego had 2.2 months of inventory in April 2018, down from 2.6 months in March 2018. There is still a shortage in most, if not all, of our real estate markets throughout Portland.

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

In January,  I posted the price appreciation for the different Portland metro real estate markets. You can view that post here to compare with the following update.

Here are the latest price appreciation stats from the RMLS™  March Market Action Report for the First Quarter 2018.

Price Appreciation Portland Metro Areas First Quarter 2018 Year To DateCopyright bettyjung.com

  • North Portland: 6.6%
  • Northeast Portland: 7.3%
  • Southeast: 8.4%
  • Gresham/Troutdale: 12%
  • Milwaukie/Clackamas: 9.4%
  • Oregon City/Canby: 6%
  • Lake Oswego/West Linn: 6.1%
  • West Portland: 3.1%
  • NW Washington County: 7.5%
  • Beaverton/Aloha: 9..1%
  • Tigard/Wilsonville: 7.4%
  • Hillsboro/Forest Grove: 9.9%
  • Mt. Hood: 14.1%
  • Columbia County: 11.8%
  • Yamhill County: 10.6%

Lake Oswego/West Linn Price Appreciation

As many, including myself, have been reporting, our local real estate market has slowed down a bit from the last two years.  However, as soon as we turned the page on the calendar to March 2018, the real estate market developed into a frenzy yet again.

Lake Oswego did experience a slower increase in prices compared to last year from 9.4% to 6.1% this first quarter.  However, it should be noted prices are still increasing and will, in my opinion, continue to increase as long as our inventory of houses remains so low. Some areas are still seeing higher demand than others and; yet again, not all areas are seeing multiple offers.

I too have been super busy as we enter into the Spring real estate season.  Weather has been beautiful and I know buyers are out wanting to purchase, in spite of increases recently in interest rates. We need more houses to sell. The low inventory is making it more difficult to find a home and some buyers are being priced out of the market.

There were a couple clients of mine who I told last year that they should buy as prices would be increasing.  They did not purchase, and you can see from the above stats, prices did and are still increasing.  Both those buyers thought prices would drop this year and now are regretting not buying when I suggested they do so. They are still in the market to purchase but their searches have now shifted into different areas and different price ranges.

Don’t wait to buy real estate. Buy real estate and wait.

— Robert G. Allen

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

Hot Off The Press!  The March 2018 RMLS™ Market Action Report was just published.

Lake Oswego Real Estate March 2018 RMLS™ Market Action Report

We are heading into another wild and crazy real estate market in the Portland and Lake Oswego real estate markets this Spring and most likelbettyung.comy Summer as well.

Inventory is dropping when it should be increasing.  The Portland metro real estate market decreased from 1.9 months of inventory to 1.6 months in March 2018. We have way too few houses for sale to meet buyer demand!!! It will, however, be interesting to watch if rising interest rates put a damper on sales.  I personally don’t think they will – at not least in the immediate future.

Lake Oswego Real Estate Market

The Lake Oswego real estate market had inventory decrease as well.  In January, Lake Oswego had 2.9 months, February had 3.2 months and now our latest stats show that March had 2.6 months of inventory in Lake Oswego.

There is still high buyer demand.  We are still seeing multiple offers in most, not all, areas.  Unless inventory increases significantly, which it most likely won’t increase to the levels we need, this frenzy we have been seeing will only continue.

March Residential Highlights

New listings in the Portland metro area saw a slight gain compared to last year this March. At 3,648 for the month, new listings edged 1.2% over the 3,604 new listings offered last year in March 2017 and were 44.2% warmer than last month in February 2018 (2,530). This was the best March for new listings in the area since 2010, when 4,987 new listings were offered.

Closed Sales

Closed sales (2,371) were 4.9% cooler than the 2,494 closings recorded in March 2017 but ended
31.3% warmer than the 1,806 closings recorded last month in February 2018.

Pending Sales

Pending sales fared similarly, cooling 4.9% from March 2017 (3,043) despite a 23.8% increase over the 2,337 offers accepted last month in February 2018.

Inventory of Houses For Sale

Inventory in the Portland metro area decreased slightly to 1.6 months in March, with total market time decreasing to 55 days. There were 3,844 active residential listings in the metro area in March.

Average and Median Sale Pricesbettyjung.com

Comparing the average price of homes sold in the twelve months ending March 31st of this year ($435,000) with the average price of homes in the twelve months ending March 2017 ($404,200) shows an increase of 7.6%.

In the same comparison, the median has increased 8.8% from $353,800 to $385,000.

Inventory Levels Past Several Years

To put some of this into perspective, here is how our Portland metro real estate markets’ inventory levels were:

  • 2016 – we had 1.3 months of inventory in March
  • 2015 – we had 1.9 months of inventory in March
  • 2014 – we had 3.1 months of inventory in March
  • 2013 – we had 3.2 months of inventory in March

Summary

The last two years our real estate market was on steroids.  I certainly envision the same this Spring and Summer. Frankly, I feel for the buyers who will be buying homes in our highly competitive real estate markets. It is still a sellers’ real estate market.  Many homeowners now have reached equity levels beyond what they saw prior to the recession and it may be a good time for more sellers to “cash in”.

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

 

 

Oh boy!!! Looking at the RMLS™ Market Action Report for February 2018 tells me it will be a wild and crazy Portland metro real estate market heading into the next several months, and not unlike we have had the last couple of years. Instead of an increasing inventory of houses for sale, February saw 1.9 months,  a decrease from 2.2  months in January 2018.

So, we may be facing yet again, a Spring and Summer real estate market with multiple offers, over asking price sales plus rising prices.  Buyers can’t seem to get a break. This Portland metro real estate market continues to favor sellers.  Sellers where are you??

We could easily use at least 4-5 times the number of houses for sale than we currently have.  It isn’t even close to a balanced, or what we might consider to be, a “normal” real estate market.

Lake Oswego Real Estate RMLS Market Action Report February 2018

February Residential Highlights

Closings had a strong month this February in the Portland metro area. There were 1,806 closed sales, a 8.2% increase over February 2017 (1,669) and a 10.9% increase over January 2018 (1,628).

New Listings

New listings (2,530) saw gains in February as well, outpacing February 2017 (2,521) by 0.4% and January 2018 (2,486) by 1.8%.

Pending Sales

Pending sales, at 2,337, fell 1.4% short of the 2,369 offers accepted last year in February 2017 but inched 1.1% ahead of the 2,311 offers accepted last month in January 2018.

Days On The Market – Total Market Time

Total market time increased by nine days in February, ending at 69 days. Inventory decreased slightly to 1.9 months in the same month.

Active Listings For Sale

There were 3,441 active residential listings in the Portland metro area this February.

Average And Median Sale Prices

bettyjung.comComparing the average price of homes sold in the twelve months ending February 28th of this year ($432,200) with the average price of homes in the twelve months ending February 2017 ($402,000) shows an increase of 7.5%. In the same comparison, the median has increased 9.4% from $350,000 to $383,000.

Lake Oswego Real Estate Summary

Lake Oswego on the other hand saw an increase in the number of houses for sale.  January we had 2.9 months of inventory, while February saw an increase to 3.2 months.  However, we are also still a seller’s market in Lake Oswego too.

The Portland metro area real estate market had a 7.5% price increase year to date; whereas, Lake Oswego had a 4.8% price increase YTD.

Interest Rates

bettyjung.com

Courtesy Mike Popnoe

Interest rates are increasing and there are now loans where you can lock in a rate before you ever find a house you want to purchase.  Want more information?  Give me a call at 503-804-9685.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low but are increasing, and there is still a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is in violation of federal copyright laws.

Contact Betty Jung

Betty Jung, Broker
REALTOR®
CRS, GRI, ABR, SRES, CNHSS

MORE Realty, Inc.
14945 SW Sequoia Parkway, #150
Portland, OR. 97224

503-804-9685 Cell

or email:betty@bettyjung.com

"Selling Real Estate Since 1978. There Is No Substitute For Experience!"

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